There have been known some compounds having hypolipidemic activity, for example, 1,3-disubstituted propanol derivatives disclosed in U.S. Pat. No. 4,073,935, 4,109,013 and 4,144,351, and British Patent 1,516,747, but this invention provides novel phenylcarboxylic acid derivatives and salts thereof which have different structure from these known compounds and are particularly useful as a medicament.